Summit was a whirlwind of information, networking, new ideas, and fun! Everyone had a blast on Wednesday night at the Customer Appreciation Gala on Treasure Island’s SF Winery. The venue was fantastic with beautiful views of San Francisco, a great appetizer selection, and wine tasting. Plus, DJ Mike Relm really got the crowd going with his musical mash-ups paired with YouTube video images that are altered in real time with turntables.
Summit attendees were still energized from a great day and night on Wednesday as they filed into the Grand Ballroom for the Thursday morning keynote, “The Impact of Revenue Cycle Modeling” with Justin Gray, CEO and Chief Marketing Evangelist for Lead MD, and Dan DeSilva, VP Marketing for OraMetrix.
Justin opened by explaining that revenue cycle modeling is a bold new business strategy generating more predictable and rapid revenue growth. So how do you get there? Take a look at some key characteristics:
- Revenue cycle management
- Starts with definitions
- Focus on Data
- Data drives your model
- Developing success and failure
- Power of nurture
- Call attention to the gaps
- Better visibility
- Create customer alignment
Justin pointed out that getting there is not easy, and once you start scrutinizing your processes, you often find more and more to fix. Additionally, he stressed that sales and marketing alignment is a key factor to ensuring that your revenue cycle model is flowing properly. Alignment increases efficiency by 34%, and he gave some tips such as putting in place SLAs between sales and marketing that determine lead follow up time and escalation rules. He also emphasized the importance of lead nurturing as you begin developing your lead flow process. With nurturing there is a 3x increase in sales ready leads between a 6 and 12 month time period. To demonstrate, Dan DeSliva from OraMetrix presented his case study on how they successfully created a streamlined revenue model to guide leads through the buying process. Dan discussed how the first step in his process was to create a lead gen pilot program that included:
- Email addresses from sales
- Multiple paths
- Integration with offline marketing tactics
- 3rd party distribution
- Alternate paths
- Frequency and rhythm
OraMetrix executed their campaigns using Marketo and they were able to reduce their cost per lead by 30% in the initial trials. They also broke up their lead gen tactics into two categories acquisition: getting the leads into the database, and nurture:getting them engaged. Dan walked the audience through the step-by-step process that OraMetrix used to create their strategy. By developing a content plan, execution rhythm, and multiple testing techniques, they were able to continue to expand on their initial pilot program. As in Justin’s portion, Dan also emphasized the importance of sales and marketing alignment for success.
Key takeaways from Dan’s session:
- Focus on enforcing process
- Get nurture segmentation started
- Nurture alone will pay for this process
- Hands on for leadership
- Drive partners–create ecosystem
- Discuss daily how to make your process more efficient
Lots of useful tips and stats in Justin and Dan’s session. Great encouragement to start developing your own revenue cycle modeling in your own organizations!